Osisko Infill Drilling Returns High Grade at Windfall

2021-03-30 / @nasdaq

 

73.3 g/t Au over 4.4 metres in Underdog

67.3 g/t Au Over 2.3 Metres in Caribou

TORONTO, March 30, 2021 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide new analytical results from the ongoing drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.

Significant new analytical results presented below include 52 intercepts in 15 drill holes (12 from surface, 3 from underground) and 7 wedges. The intercepts are located inside defined February 2021 mineral resource estimate (“MRE”) blocks (see Osisko news release dated February 17, 2021).

Selected high-grade intercepts include: 73.3 g/t Au over 4.4 metres in OSK-W-20-2407-W1; 36.7 g/t Au over 5.9 metres in OSK-W-20-2423; 67.3 g/t Au over 2.3 metres in OSK-W-21-2460-W1; 21.3 g/t Au over 5.2 metres in OSK-W-20-2415-W1 and 50.2 g/t Au over 2.1 metres in OSK-W-20-2414. Maps showing hole locations and full analytical results are available at www.osiskomining.com

Infill Drilling

Hole No.From (m)To (m)Interval (m)Au (g/t) uncutAu (g/t) cut to 100 g/tZoneCorridor
OSK-W-20-2359631.7633.72.021.1 Caribou_2214Caribou
 636.1644.07.910.2 Caribou_2214
Caribou
including642.0643.01.030.6 
OSK-W-20-2387639.0641.02.06.72 Caribou_2214Caribou
 647.0649.42.44.55 Caribou_2214Caribou
OSK-W-20-2387-W1652.4654.72.316.7 Caribou_2233
Caribou
including653.0653.60.655.9 
OSK-W-20-2399663.0665.02.09.93 Caribou_2212
Caribou
including663.7664.60.920.6 
OSK-W-20-2399-W2690.0692.02.044.915.4Caribou_2212
Caribou
including691.7692.00.3297100
OSK-W-20-2405-W2631.4633.42.07.61 Caribou_2214
Caribou
including631.9632.40.524.9 
OSK-W-20-2407-W1649.0651.12.128.2 Underdog_4101
Underdog
including649.0649.80.844.1 
 702.6707.04.473.3 Underdog_4102Underdog
 748.0750.02.018.0 Underdog_4106
Underdog
including748.3749.31.035.1 
 812.0814.32.313.6 Underdog_4906
Underdog
including812.0812.80.838.0 
OSK-W-20-2414827.6829.72.150.233.3Caribou_2252
Caribou
including829.2829.70.5171100
 858.0860.12.130.624.8Caribou_2219
Caribou
including858.7859.20.5125100
OSK-W-20-2415-W1703.0708.05.04.45 Caribou_2220Caribou
 714.0716.02.09.34 Caribou_2218Caribou
 722.2727.45.221.3 Caribou_2218
Caribou
including722.2722.60.479.8 
 729.7731.82.15.17 Caribou_2218
Caribou
including729.7730.00.329.7 
OSK-W-20-2423276.0279.03.018.3 Caribou_2106
Caribou
including277.0277.50.548.3 
 595.0597.02.03.58 Caribou_2241Caribou
 817.7820.02.38.64 Underdog_4121
Underdog
including817.7818.30.617.8 
 843.0845.02.04.92 Underdog_4116
Underdog
including843.5844.00.518.8 
 943.0948.95.936.728.4Underdog_4102
Underdog
including948.2948.90.7171100
 1019.01021.02.07.97 Underdog_4511Underdog
 1048.01050.02.026.5 Underdog_4501
Underdog
including1049.21050.00.866.2 
 1187.81193.05.213.1 Underdog_4514Underdog
 1200.31203.02.78.75 Underdog_4512Underdog
OSK-W-20-2425556.6558.72.118.2 Caribou_2215
Caribou
including557.1557.40.386.2 
 561.0563.02.05.85 Caribou_2215Caribou
OSK-W-20-2439196.8199.02.25.54 F11_6001F-11
OSK-W-21-2442747.0749.02.03.61 Underdog_4107Underdog
 754.0756.02.06.78 Underdog_4107Underdog
OSK-W-21-2460652.0654.02.016.1 Caribou_2220
Caribou
including653.1654.00.935.5 
 708.6711.42.84.06 Caribou_2219Caribou
OSK-W-21-2460-W1530.1533.02.98.66 Caribou_2236
Caribou
including530.1531.00.919.6 
 559.0563.24.23.14 Caribou_2210Caribou
 667.0669.32.367.342.8Caribou_2220
Caribou
including668.5669.00.5209100
 709.0711.42.45.11 Caribou_2218
Caribou
including710.5711.40.913.1 
OSK-W-21-2462586.0592.76.73.58 Caribou_2523Caribou
 710.6712.92.33.09 Caribou_2212Caribou
 840.5845.04.58.34 Caribou_2549
Caribou
including844.0844.40.417.9 
OSK-W-21-2462-W1480.9483.02.120.4 Caribou_2536
Caribou
including480.9481.91.042.3 
 594.8597.02.24.77 Caribou_2523
Caribou
including595.6596.20.613.7 
OSK-W-21-2463582.1586.03.96.72 Caribou_2241Caribou
OSK-W-21-2476506.4508.62.26.94 Caribou_2536
Caribou
including508.2508.60.428.4 
 671.6674.02.411.0 Caribou_2212
Caribou
including671.6672.40.824.8 
WST-20-059582.784.82.110.3 Bobcat_2350
Bobcat
including83.183.70.628.2 
WST-20-0604332.2334.52.33.91 Caribou_2253
Caribou
including332.5333.30.811.0 
 336.3338.52.26.00 Caribou_2253
Caribou
including336.3336.60.336.8 
WST-21-059853.055.32.33.18 BobcatBobcat
 104.6106.62.04.34 Bobcat_2335Bobcat
 120.0122.02.03.57 Bobcat
Bobcat
including120.7121.00.320.6 

Notes: True widths are estimated at 55 – 80% of the reported core length interval. See "Quality Control and Reporting Protocols" below.

Drill hole location

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NElevationSection
OSK-W-20-2359335-6172645269454344404012675
OSK-W-20-2387336-5971745269454344404012675
OSK-W-20-2387-W1336-5973845269454344404012675
OSK-W-20-2399333-5486445287454345523982875
OSK-W-20-2399-W2333-5487645287454345523982875
OSK-W-20-2405-W2332-5871045269454344404012675
OSK-W-20-2407-W1347-55104445231554344193992325
OSK-W-20-2414337-5488245288054344194022825
OSK-W-20-2415-W1328-5476245273854344744012725
OSK-W-20-2423332-60132645261654344494032600
OSK-W-20-2425336-6074745271554346063972775
OSK-W-20-2439147-5036045251554360294063275
OSK-W-21-2442347-53105345231554344193992325
OSK-W-21-2460332-5578945273254345373992750
OSK-W-21-2460-W1332-5579545273254345373992750
OSK-W-21-2462338-5788845287454345523982875
OSK-W-21-2462-W1338-5785545287454345523982875
OSK-W-21-2463339-65133545261654344494032600
OSK-W-21-2476337-5880745284054345693982850
WST-20-0595111-2315045281854349442743025
WST-20-0604153-5837345228154349752622575
WST-21-0598135514445281754349442753025

Caribou Zone
Mineralization most commonly occurs in gold-bearing pyrite stockworks as well as semi-massive pyrite replacement zones associated with phyllic alteration (sericite-pyrite ± silica) with sulphides, pyrite dominated with minor chalcopyrite and sphalerite ranging from trace to up to 20%, and local visible gold. Mineralization is hosted in rhyolites or mafic-intermediate volcanics frequently at or near faults or the contact with felsic porphyritic intrusions.

F-Zone
Mineralization is hosted in sheared andesites with carbonate replacement or quartz veining and occurs as quartz ± ankerite veinlets or as replacement type in shear zones and is characterised by trace to 10% pyrite with local visible gold. Alteration is dominated by sericite-fuchsite-tourmaline-pyrite.

Bobcat
Mineralization most commonly occurs in gold-bearing quartz-pyrite veins controlled by northeast trending faults and shears and to a lesser extent in minor crustiform quartz-tourmaline-ankerite-pyrite veins and pyrite replacement zones and stockwork. Mineralization is hosted in sheared mafic volcanics, rhyolites near faults, or at the contact with felsic porphyritic intrusions.

Underdog
Mineralization most commonly occurs in gold-bearing quartz-pyrite (± tourmaline) veins and as disseminated, stringer, semi-massive to massive pyrite with minor sphalerite, chalcopyrite and molybdenite associated with strong sericite and silica alteration. Mineralization is hosted along the intrusive contacts of a three-phase composite felsic porphyritic unit which cross-cuts felsic and mafic volcanic sequences.

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko's Windfall Lake gold project, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d'Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 17, 2021 and supported by the technical report entitled “Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada” dated March 8, 2021 (with an effective date of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR (www.sedar.com) under the Corporation's issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.

About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d'Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).

Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

CONTACT INFORMATION:
John Burzynski
Chief Executive Officer
Telephone (416) 363-8653


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